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Credit-to-GDP trend (HP filter)  1
Based on total credit to the private non-financial sector, as % of GDP  2
« ‹ Q3 2021 › »
 Year Quarter
2016 2017 2018 2019 2020 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21
Argentina20.620.221.322.323.323.023.323.523.623.5
Australia199.0201.0202.4202.7202.9202.9202.9202.8202.4201.9
Austria150.6150.1149.5148.9149.6149.3149.6150.2150.6150.9
Belgium222.8226.6227.9228.7229.8229.2229.8230.5230.5230.5
Brazil72.374.075.377.080.279.480.281.181.682.2
Canada200.6206.6211.8216.9224.9222.6224.9227.0228.7230.2
Chile132.1136.4139.8144.4151.3150.0151.3152.4153.1153.7
China182.8192.6200.2206.8215.6213.5215.6217.4219.1220.5
Colombia56.458.760.461.663.963.263.964.565.065.3
Czechia85.386.988.789.690.490.290.490.690.890.8
Denmark267.2265.6263.3262.6261.4262.0261.4260.9260.1259.2
Finland183.5186.9190.2192.4194.6194.0194.6195.3196.0196.5
France192.8197.6202.3207.5216.0213.5216.0218.4220.2221.9
Germany125.5123.3121.8121.0121.7121.3121.7122.1122.4122.6
Greece143.5143.8142.8140.1138.7138.7138.7138.8139.0139.0
Hong Kong SAR276.7295.4313.0328.3348.4343.4348.4353.3358.6362.7
Hungary117.6113.3108.7104.2101.5102.0101.5101.3101.0100.8
India113.4110.6107.0104.0103.3103.4103.3103.3102.9102.4
Indonesia33.134.636.237.739.338.939.339.639.940.2
Ireland346.4344.8337.3328.0314.4318.7314.4309.9304.8299.7
Israel120.4118.5117.0115.3114.0114.2114.0114.0113.9113.8
Italy131.9130.5128.5126.2125.8125.6125.8125.9125.7125.4
Japan151.1150.1149.7150.6154.8153.4154.8156.1157.4158.6
Korea182.9184.8187.0190.3196.0194.4196.0197.7199.5201.2
Luxembourg413.3417.4420.9426.2434.4432.9434.4435.6436.7437.9
Malaysia157.8158.5159.4160.2163.3162.2163.3164.4165.1165.9
Mexico33.135.136.838.340.339.940.340.740.941.2
Netherlands292.4294.2293.0288.7284.5285.7284.5283.5282.2280.6
New Zealand193.1191.2188.9186.4184.5184.9184.5184.1183.5182.9
Norway242.5247.8249.7251.5258.5256.3258.5260.7262.3263.2
Poland88.089.890.890.991.091.091.090.990.790.4
Portugal228.7222.6214.7206.0199.7200.9199.7198.7197.4196.1
Russia95.199.6103.2105.7110.3109.0110.3111.4112.1112.6
Saudi Arabia53.356.257.758.762.761.462.764.265.566.7
Singapore188.6194.2198.4202.7209.9207.7209.9211.7213.2214.1
South Africa77.677.777.477.277.277.377.277.176.776.4
Spain221.3213.6204.7195.6189.5190.5189.5188.6187.5186.3
Sweden243.4247.9251.5255.6261.5260.0261.5263.2264.6265.9
Switzerland231.9237.6242.8248.4256.6254.5256.6259.2261.7263.9
Thailand149.1150.6151.7153.0157.0155.6157.0158.6160.0161.5
Türkiye74.879.984.587.090.890.090.891.692.092.2
United Kingdom180.5178.4175.7172.7172.5172.2172.5172.9173.0172.9
United States162.1161.1160.1159.1159.9159.6159.9160.3160.6160.7
Memo:
Euro area175.4175.3174.2172.7173.2172.9173.2173.6173.7173.7
 1 Credit-to-GDP gaps is defined as the difference between the credit-to-GDP ratio and its long-term trend; in percentage points. Long-term trend is calculated using a one-sided Hodrick-Prescott filter with a lambda of 400,000. 2 Can also be found in table F2.1